NSW Grain Corporation Holdings Limited Act 1992 (NSW)

NSW Grain Corporation Holdings Limited Act 1992 No 31

An Act relating to NSW Grain Corporation Holdings Limited and the NSW Grain Corporation Limited; to amend the State Owned Corporations Act 1989 and to repeal the Grain Handling Authority (Corporatisation) Act 1989; and for other purposes.

1 Name of Act This Act may be cited as the NSW Grain Corporation Holdings Limited Act 1992.

2 Commencement This Act commences on the date of assent.

3 Definitions (1) Words and expressions used in this Act have the same meanings as they have in the State Owned Corporations Act 1989. (2) In this Act: appointed day means the day appointed for the purposes of section 10. approved person has the meaning given by section 4. Grain Corporation means NSW Grain Corporation Limited. Grain Holdings means NSW Grain Corporation Holdings Limited. instrument means an instrument (other than this Act) which creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any law), and includes any judgment, order or process of a court. Ministerial Corporation means the Grain Handling Ministerial Corporation constituted by section 13 of the Grain Handling Authority (Corporatisation) Act 1989.

4 Approved persons For the purposes of this Act, an approved person is Prime Wheat Association Limited (ACN 000 245 269) or a wholly-owned subsidiary of that company.

5 Negotiations and agreements for sale of Grain Holdings (1) Negotiations may be conducted for the sale of Grain Holdings by the transfer of any issued shares in Grain Holdings to persons who are not eligible Ministers. (2) The Ministers who are shareholders in Grain Holdings are authorised to enter into agreements for the transfer of their shares to an approved person. (3) Any negotiations or agreements may be conducted or entered into before, on or after the appointed day. Any such negotiations or agreements conducted or entered into before the date of assent to this Act are validated to the extent of any invalidity. (4) However, any such transfer of shares does not take effect before the appointed day. (5) Neither the operation of this section nor any such agreement is to be regarded: (a) as a breach of contract or confidence or otherwise as a civil wrong, or (b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or (c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability. (6) Neither the operation of this section nor any such agreement is to be regarded as an event of default under any contract or other instrument.